Punch Card Management L.P.

Q3 2025 13F-HR Holdings

Location
Winter Park, FL
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
6
Total value ($000)
$322,420
Net value change ($000)
+12,539 (4.0%)
New positions
1
Sold out positions
1
Turnover %
2.0%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/14/2025 Next filing: 2/17/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
PDD 11,417 26.3%
FISV 4,770 NEW
BRK-B 3,683 3.5%
SGOV 5 0.0%
Top Reduces (Value $000, Stocks/ETFs)
PYPL -4,722 -9.8%
SWBI -1,649 -100.0%
CROX -967 -1.8%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type